S. 54 : Capital gains-Profit on sale of property used for residence-Investment in under construction residential house-Expiry of three years from date of sale of original asset-Investment in under construction flat-Utilised only half amount of long term capital gains-Balance amount of long-term capital gain should be charged to tax under section 45 in year under consideration, being year in which period of three years from date of transfer of original asset expired.[S. 45, 54(2)]
S. 54 : Capital gains-Profit on sale of property used for residence-Incomplete investment-Matter is remanded back to Assessing Officer for de novo adjudication.
S. 50C : Capital gains-Full value of consideration-Stamp valuation-Transfer of leasehold rights-Section 50C, being a deeming provision, is not applicable in case of transfer of leasehold rights. [S. 45, 54 54D, 147, 148]
S. 45 : Capital gains-Share transactions-Income shown as business income in preceding year-Assessable as capital gains.[S.28(i)]
S.45 : Capital gains-Agricultural land-General power of attorney-Not owner of land-Land belong to third party-No addition cannot be made as sale of capital asset. [S. 2(14)]
S. 43B : Deductions on actual payment-TCS on sales of scrap-Not claimed as deduction-Journal entries-Addition is deleted. [S. 206C]
S. 43(5) : Speculative transaction-High sea sales-Buying and selling edible oil-Final and physical delivery of goods had been taken by end user at port of destination after compliance with all customs formalities-Set off against interest income-Transactions cannot be termed as speculative transaction. [S.73(1)]
S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Income deemed to accrue or arise in India-Fees for technical services-Shipment clearing and forwarding charges-Payment is not chargeable to tax in India-Disallowance is deleted-Article 12 of OECD Model Convention. [S.9(1)(vi), 195]
S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Engaged in providing services and facilities relating to exploration and exploitation of mineral oil and natural gas Interest-Not taxable in India.[DTAA-India-Singapore [S. 9(1)(1), 44BB, 195, Art. 5, 7,]
S.37(1): Business expenditure-Sales promotion expenses-Construction project-Allowable as revenue expenditure-AS-7 was purely effective for contractor in construction, not for developers, question of capitalizing project cost of sale promotion was unjustified.[S.145, AS-7]